Altria to cut 490 from workforce

Altria is planning to eliminate about 490 jobs from its US workforce during the next two months as the company seeks to save about $300 million a year by the end of 2017, according to a story by John Reid Blackwell for the Richmond Times-Dispatch.

The job reductions are part of what the company described as a “productivity initiative” aimed at maintaining its cost competitiveness and its leading position in the US tobacco industry.

“Some of the productivity savings will be invested in important initiatives such as brand building, harm reduction and regulatory capabilities,” said Marty Barrington, Altria’s chairman, president and CEO, in a conference call with industry analysts and media representatives.